Posted by David Krulac on December 03, 2001 at 18:01:28:
i went through the irs sanitizing and the agent want (and got) 5 years for painting, obviously he’s never been a landlord!
Depreciate New Carpet? - Posted by Gary (VA)
Posted by Gary (VA) on December 02, 2001 at 07:32:59:
Looking for advice on the most appropriate depreciation period to use for a complete carpet replacement in a single family rental. Thanks.
Re: Depreciate New Carpet? - Posted by Ben (FL)
Posted by Ben (FL) on December 03, 2001 at 17:04:10:
The guys I bought my 6 duplexes from said they expensed their carpet. When asked about that, they claimed they carpeted one room at a time.
Of course I’m not suggesting ay one else take this course. I’m just passing on a little heresay…
Re: Depreciate New Carpet? - Posted by GL
Posted by GL on December 02, 2001 at 07:49:39:
I have seen brand new carpet ruined in a month. This was heavy duty stuff guaranteed for 15 years. Unfortunately they don’t guarantee against cigarette burns and ground in grease.
In your own home, 10 or 15 years. In a rental you are lucky to get 5 years.I forget what the tax people say.
Re: Depreciate New Carpet? - Posted by bob¶
Posted by bob¶ on December 02, 2001 at 07:53:25:
Carpet is 7 year property!
5 year… - Posted by JHyre in Ohio
Posted by JHyre in Ohio on December 02, 2001 at 10:34:29:
Used to be 7-year, the IRS changed it and other rental personal property to 5 year in an obscure notice. You can switch to 5 year and get a refund if you’ve depreciating over 7 year.
John Hyre